Google will start accepting cryptocurrency payments for its cloud services early next year.
At Google’s Cloud Next conference held Tuesday, the tech giant announced it will receive crypto payments via an integration with crypto exchange Coinbase.
Initially, cryptocurrency payments will be made available to a handful of customers involved in the Web3 industry. Google will also use Coinbase’s custody service, Coinbase Prime, for institutional crypto services such as secure custody and reporting.
CEO of Google Cloud Thomas Kurian said:
“We’re proud Coinbase has chosen Google Cloud as its strategic cloud partner, and we’re ready to serve the thriving global Web3 customer and partner ecosystem. Our focus is making it frictionless for all customers to take advantage of our scalability, reliability, security, and data services, so they can focus on innovation in the Web3 space.”
Google has recently been adding to its crypto features and services, with Ethereum wallet balances now appearing when an address is searched on Google, and BNB Chain partnering up with Google Cloud to support the growth of early-stage Web3 and blockchain startups. The search giant also provided a countdown clock to Ethereum’s recent upgrade to proof of stake.
Co-founder and CEO of Coinbase Brian Armstrong said:
“With more than 100 million verified users and 14,500 institutional clients, Coinbase has spent more than a decade building industry-leading products on top of blockchain technology. We could not ask for a better partner to help execute our vision of building a trusted bridge into the Web3 ecosystem.”
Coinbase shares went up at $71.32, an increase of over 6% in the trading on Tuesday afternoon.
Analyst at Oppenheimer Owen Lau said:
“We believe more partnerships with traditional players will follow. As the crypto economy expands longer term, Coinbase will look more like an integrated digital asset enabler than a pure-play crypto exchange.”